A remortgage moves a borrower's mortgage to a new lender; a product transfer gives them a new deal with the lender they already have. From a lead-buying point of view they are not two different lead types — they are two possible outcomes of the same enquiry. A homeowner whose fix is ending asks to speak to a broker; which route they end up on depends on their circumstances and your advice. This matters because brokers sometimes dismiss "product transfer leads" as low value, and sometimes overlook that a remortgage lead may be best served by a transfer. Understanding both lets you place every enquiry.
What is the difference between a remortgage and a product transfer?
A remortgage is a new mortgage with a different lender that repays the old one. It involves a full application, an affordability assessment, a valuation (often free or automated) and conveyancing (often free through the lender). It typically takes four to eight weeks and allows the borrower to change the loan amount, term or product type.
A product transfer (sometimes called a rate switch or retention deal) is a new interest-rate deal on the existing mortgage with the existing lender. There is usually no affordability check, no valuation and no legal work. It can complete in days and the borrower keeps the same balance and term unless they separately apply to change them.
Side-by-side comparison
| Remortgage | Product transfer | |
|---|---|---|
| Lender | New lender | Existing lender |
| Affordability check | Full | Usually none |
| Valuation | Yes (often free/automated) | Usually indexed, no visit |
| Legal work | Yes (often free) | None |
| Time to complete | 4-8 weeks | Days to 2 weeks |
| Can borrow more? | Yes | Separate further-advance application |
| Typical proc fee | 0.30-0.45% of loan | 0.20-0.35% of loan |
| Client fee? | Common | Less common, but possible |
| Best when | Better rate elsewhere, equity improved, borrowing more | Circumstances changed for the worse, speed matters, retention rate is competitive |
Which pays the broker more?
A remortgage pays more per case. Lenders pay proc fees of around 0.30-0.45% on a remortgage against roughly 0.20-0.35% on a product transfer, so on a £180,000 loan that is about £540-£810 for a remortgage versus £360-£630 for a transfer. Remortgages also give you a natural point to charge a client fee and to revisit protection, because the borrower is going through a full application. Product transfers are quicker and lower-effort, so the hourly return can be comparable, but the headline revenue is lower.
Not every lender pays a proc fee on product transfers arranged through a broker, and some pay a reduced fee if the borrower initiated the switch directly. Check your lender panel — the gap between remortgage and transfer income varies a lot by lender.
Which converts faster?
Product transfers complete faster, but remortgage leads convert at about the same rate as transfer leads because the deciding factor is the consumer's deadline, not the route. In our platform data, remortgage enquiries convert to a completed case at a median of around 14% with an 83% contact rate, and the cases that end as product transfers are inside that figure. The practical difference is cycle time: a transfer may be done within a fortnight, while a remortgage takes a month or two to reach completion and pay the proc fee.
One lead, two possible outcomes
When you buy a remortgage lead you are buying a homeowner who wants a better deal. On the first call you establish the current lender, balance, property value, deal-end date and whether they want to borrow more, then source the whole market including the existing lender's retention products. Roughly, the outcome splits three ways:
- Remortgage to a new lender — the market beats the retention rate, the borrower wants to raise capital or change term, or their equity position has improved enough to unlock a lower LTV band.
- Product transfer with the existing lender — the retention rate is competitive, the borrower's circumstances have weakened (self-employment, credit, affordability), or they need to complete quickly.
- Product transfer plus further advance — the borrower stays with their lender for the main balance but takes additional borrowing, often for improvements or consolidation.
A broker who can place all three outcomes wastes nothing. A broker who only chases full remortgages leaves a third or more of good enquiries on the table. The specification of what each remortgage lead contains is designed so you can make this call on the first conversation.
When a product transfer is the right advice
- The borrower's income has fallen or become harder to evidence since the original mortgage.
- Their credit file has deteriorated.
- They are inside a few weeks of the deal end and need certainty quickly.
- The existing lender's retention rate is within a few basis points of the best market rate once fees are included.
- Early repayment charges on the existing deal have not yet expired.
When a remortgage is the right advice
- A new lender's rate beats the retention offer by enough to cover any fees over the deal term.
- The property has risen in value and the borrower now qualifies for a lower loan-to-value band.
- The borrower wants to raise capital, change the term, or move from interest-only to repayment.
- The existing lender's service or product range is poor and the borrower wants out.
Either way, the opportunity starts with the enquiry. If you want a steady flow of homeowners at the end of their deals, see our guide on buying remortgage leads and the 2026 fixed-rate expiry data behind the demand.